Global Smart Healthcare Products Market, By Product Type (Electronic Health Record, Smart Syringe, Smart Pill, RFID System, and Others), By Application (Health Data Storage, Monitoring and Treatment, and Inventory Management), By End User (Hospitals, Home Care Settings, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 163.33 Bn in 2023 and is expected to exhibit a CAGR of 13.5% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The increasing adoption of Internet of Things (IoT) in the healthcare sector is significantly driving the growth of the global smart healthcare products market. IoT enables interconnectivity between medical devices allowing real-time monitoring of vital health statistics of patients. This provides better management of chronic diseases and improved healthcare outcomes. For example, IoT-enabled medical wearables and devices can continuously track health metrics like heart rate, blood pressure, glucose levels, etc. of patients with conditions like diabetes, cardiovascular diseases, etc. The collected data is transmitted to healthcare providers and caregivers for remote monitoring. This allows the early detection of health abnormalities and ensures timely intervention.
Global Smart Healthcare Products Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global smart healthcare products market, as smart healthcare products detect COVID-19 infection. For instance, in September 2021, according to an article published in Neural Computing and Applications, the smart healthcare system incorporates IoT-cloud technologies to detect and classify COVID-19. The system uses smart sensors to collect data from medical images. These images are stored in the cloud and used to assess the status of patients.
Global Smart Healthcare Products Market: Key Developments
Increasing organic growth strategies, such as product launches, are expected to aid in the growth of the global smart healthcare products market. For instance, in May 2021, Koninklijke Philips N.V. a conglomerate corporation introduced Interventional Hemodynamic System and market-leading portable Patient Monitor IntelliVue X3, providing advanced hemodynamic (blood flow) measurements at the tableside in the cath lab and continuous monitoring of key vital signs throughout the patient’s treatment.
Browse 35 Market Data Tables and 33 Figures spread through 160 Pages and in-depth TOC on “Global Smart Healthcare Products Market”- Forecast to 2030, Global Smart Healthcare Products Market, By Product Type (Electronic Health Record, Smart Syringe, Smart Pill, RFID System, and Others), By Application (Health Data Storage, Monitoring and Treatment, and Inventory Management), By End User (Hospitals, Home Care Settings, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/smart-healthcare-products-market-1982
Key Takeaways of the Global Smart Healthcare Products Market:
- The global smart healthcare products market is expected to exhibit a CAGR of 13.5% during the forecast period due to the rising number of organ transplant procedures across the globe. For instance, according to the data published by the American Transplant Foundation in 2022, over 41,000 organ transplant procedures were completed in the U.S. in the year 2020 alone. The rising number of organ transplant procedures across the globe is a key factor driving the growth of the global smart healthcare products market.
- Among product type, the smart syringe segment is estimated to hold a dominant position in the global smart healthcare products market over the forecast period. For instance, in December 2022, BD a medical device company invested US$ 1.20 Billion in Pre-Fillable Syringe Manufacturing Capacity. This investment will expand and upgrade the manufacturing capacity and technology for pre-fillable syringes (PFS) and advanced drug delivery systems (ADDS) across its six global manufacturing locations and add a new manufacturing facility in Europe.
- Among region, North America is expected to be the dominant region in the global smart healthcare products market, owing to improving regulatory regulations for medical devices, which is expected to drive the regional growth over the forecast period. For instance, in December 2022, Health Canada a regulatory authority in canada reminded manufacturers of Electronic Health Record (EHR) based medical devices to obtain a medical device license and/or establishment license. The regulatory authority improve responsibility to healthcare facilities, healthcare providers, and users of any new or modified medical devices within the EHR.
- The major players operating in the global smart healthcare products market include Allscripts Healthcare Solutions Inc., Medtronic, Inc., Becton Dickinson & Company, Honeywell Life Care Solutions, AirStrip Technologies, Cerner Corporation, Stanley Healthcare, Terumo Corporation, Olympus Corporation, eClinicalWorks, Epic Systems, Terumo Corporation, and Siemens Medical Solutions
